In the Quant Value Newsletter, Quant Investing examines Aumann AG, highlighting its E-mobility and automation businesses, recent results, and growth prospects in Europe.
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Aumann AG - Europe
Description
Aumann AG (Aumann) is a German industrial machinery manufacturer specializing in designing and producing high-tech machinery and fully automated production lines for the global automotive, aerospace, consumer electronics, and mobility sectors transitioning to electrified mobility and energy-efficient manufacturing processes.
Segment Information
Aumann has two operating segments:
- E-mobility (82.8% of FY2024 sales): This segment focuses on electrification of mobility, especially the production of battery systems, electric drives (rotors, stators, motors), and associated power electronics; solutions for both electric and hybrid vehicles and
- Next Automation (formerly “Classic” segment) (17.2% of FY2024 sales): This segment focuses
on automation solutions beyond the automotive sector, and applications in Clean Tech, Aerospace, Life Sciences, and general industry. Includes legacy automotive systems for conventional drives and industrial automation solutions.
Sales by Geography
- Germany: 48.6% of FY2024 sales
- Europe (ex-Germany): 41.0% of FY2024 sales
- USA, Canada, and Mexico: 7.3% of FY2024 sales
- China: 2.3% of FY2024 sales
- Other regions: 0.8% of FY2024 sales
Management and Shareholding
Gert-Maria Freimuth, Chairman of the Board of Directors, holds a substantial stake in the company through MBB SE, which owns 44.49% of Aumann AG’s equity, valued at approximately €96 million.
He is a founding shareholder and currently serves as Vice Chairman of the Board and Chairman of the Nomination Committee at MBB SE. He co-founded the company in 1995 and remains one of its majority owners.
Recent results
For the three months ended 31 March 2025, Aumann reported sales of €60.5 million, down 6.2% compared to €64.5 million in Q1 2024. This decrease was expected and reflects the ongoing challenging macroeconomic environment.
EBITDA (earnings before interest, taxes, depreciation, and amortisation) decreased by 2.4%, from €6.74 million to €6.58 million, while the EBITDA margin improved from 10.5% to 10.9%, surpassing the company’s full-year forecast range of 8% to 10%.
The 2.4% decline in EBITDA was primarily due to a decrease in sales, especially in the Next Automation segment. Although material and personnel costs were reduced, they did not fully offset the sales shortfall.
Net profit declined 1.0% to €3.90 million from €3.94 million in the same period of the previous year as depreciation and amortization expenses was stable at €1.6 million and taxes decreased slightly, from €1.9 million to €1.7 million.
Earnings per share remained steady at €0.27, based on a reduced share count due to a completed share buyback program.
The number of outstanding shares decreased to €14.3 million shares, following the cancellation of 904,769 treasury shares acquired under the 2023/I and 2023/II buyback programs.
Operational Highlights
A significant new order in the E-mobility segment from a new customer in battery systems.
The Next Automation segment grew new orders by 21.1% to €8.5 million, despite a steep revenue drop, suggesting early-stage contracts or delayed revenue recognition.
Material costs decreased 9.5%, faster than the decline in sales, helping to maintain profitability.
Personnel expenses were reduced by 2.8%, aiding margin stability.
Aumann held €139.6 million in liquid assets as of 31 March 2025, with a strong net cash position of €133.3 million, only slightly down from year-end 2024.
The company’s equity ratio remained robust at 56.9%, despite equity falling from €201.7 million to €187.8 million due to a provision of €17.7 million for a new share buyback offer initiated in March 2025.
Outlook
For the full year 2025, Aumann reiterated its guidance:
- Sales expected between €210 million and €230 million (FY2024: €312.3 million)
- EBITDA margin forecast remains at 8% to 10%, in line with Q1 performance (FY2024: 11.5%).
The decline in sales could be due to a reduction in order backlog which was down 44.7% to €173.4 million in Q1 2025, compared to €313.9 million a year ago, reflecting normalization after a previously high level but still sufficient for sustained operations.
The company sees strong momentum from:
- Rising electric vehicle sales.
- Regulatory adjustments by the European Union that extend climate compliance timelines for automakers, creating new growth avenues in E-mobility.
- Continued strategic focus on expanding the Next Automation segment, especially in Clean Tech, Aerospace, and Life Sciences.
Risks to this outlook include broader macroeconomic uncertainties and potential cost pressures in supply chains.
Further Reading
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